Starting a business during an economic downturn

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With unemployment rates rising around the world, many individuals are creating their own opportunities by starting their own businesses. For individuals who are confident in their business idea and are ready to take the next steps, here are a few tips that may help you get started on the right foot.

Identify your niche

When starting a new business, it is important to be aware of the market conditions around you. What may have been a successful business idea in the past may not be successful now due to the lack of current interest and demand. For example, starting a business in the tourism industry would not be a good idea now due to the global pandemic.

Instead, envision the problems your community is facing and offer solutions with your business idea. Invest in innovations that you believe can resolve current disruptions in industries such as healthcare and education. As many businesses are transitioning to work-from-home operations and the education sector is committing to online learning and teaching, investing in online resources and platforms, and digital product transformation may be a good way to go.

Prioritise interaction and connectivity

Individuals are feeling increasingly isolated under stay-at-home and self-quarantine orders. It is safe to say that people are craving interaction and connectivity with others, so it is important that you supply this demand when building your new business.

The easiest way to keep in touch with your clients and reach out to potential ones is through social media. Build a community with your business by interacting with them on major social media platforms such as Instagram, Twitter and Facebook. Keep in mind that different platforms target different demographics so it is important to research your audience before making an account. For example, TikTok is becoming extremely popular with younger demographics and in contrast LinkedIn is a social media platform for professional workers.

Grab your deals

You may be finding it hard to secure investors during times of economic hardship. While this is unfortunate, it should not hinder you from starting a business if you are confident in your plans. Instead, take advantage of the deals open to you as the majority of companies are now offering their products at discounted rates.

Free trials are a good way to filter out the investments that your business needs to make and those that are optional. Businesses are also currently offering discounted subscription services so take the opportunity and start your business while costs are low now.

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